The phrase ‘moral hazard’ describes the incentive to behave badly because someone is insulated from the consequences of his actions. It happens everywhere in the public sector.

Public sector employees have for years taken decisions in the comfortable knowledge that they will not suffer if they make mistakes.

If a doctor, a lawyer or an architect makes a serious mistake, and is sued, then he must take personal responsibility. Most professionals have insurance to cover themselves for such eventualities.

But when civil servants make serious mistakes they are immune to…


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Source: Dr Vernon Coleman - MB ChB DSc Read the original article here: